Accountants Accounting and Reporting Policy UKEB Due Process Oversight

UKEB Due Process Oversight

Under the terms of a memorandum of understanding (MoU) between the Secretary of State for Business, Energy and Industrial Strategy (BEIS), the FRC and the UK Accounting Standards Endorsement Board (UKEB), the FRC is responsible for overseeing the UK Endorsement Board’s adherence to due process in its research, influencing and endorsement work. The MoU can be viewed here.

The FRC’s responsibilities in this area commenced with the delegation of statutory functions by the Secretary of State for BEIS to the UKEB in May 2021. The legislation can be viewed here: Statutory Instrument (SI) 2021/609 The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021